Bahrain Islamic Bank (BisB) achieved BD3.5 million ($9.28 million) net profit for the first nine months of the year.

This was earned in spite of provisions for the decline in assets value and the increase in general provisions to BD3.2 million during the period.

The bank made a BD1.2 million in net profit before provisions for the last quarter.

'These results compare with BD9.9 million in net losses suffered during the same period last year,' said BisB chairman Khalid Abdulla Al Bassam.

'The bank was able to overcome the difficulties and challenges of the financial crisis that severely impacted the banking sector during the last two years and was able to continue its gradual growth in profitability and enhance its status amongst the banks operating in the kingdom.'

Chief executive Mohamed Ebrahim praised the positive results of the last nine months not only for its continued profitability but also for the ability of the bank to maintain the required cash liquidity and capital adequacy which currently stands at 17 per cent.

He expressed his satisfaction over the significant increase in customer deposits and growth of the banking transactions.

'This is an indication of the high level of trust enjoyed by the bank from all sectors in the kingdom, including corporate and retail clients,' he said.

'Work has already started on building five financial malls in the areas of Arad, Riffa, Budaiya, Hamad Town and Isa Town, all of which are set for completion in late 2012.

'The financial malls will provide a more convenient business environment for the bank's customers and will help to contribute to the increase of the bank's share of customer business,' he said.

He also announced that the bank has won a prestigious award for the best Islamic Banking Website for 2011 from the Arab Website Shield Award classification.-TradeArabia News Service